Financial Accounting Chapter 3 Homework Question 1 of 7 > 0.29/1 Current Attempt in Progress On July 1, 2022, Blossom Company pays $12,896 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. 1 - Your answer is partially correct. For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation July 1 Cash Unearned Service Revenue Dec. 31 Unearned Service Revenue Debit 12896 6448 Credit 12896 6448 Apps Bookmarks TorLock fFacebook The Weather Channel G Packers NFL YouTube Music YouTube Blackboard Leam Other bookmarks Reading list Financial Accounting Chapter 3 Homework Question 1 of 7 < * Your answer is incorrect. 0.29/1 E !!! For Blossom Company, post the entry on July 1 and the annual adjusting entry on December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance 12/31 eTextbook and Media 6448 7/1 12896 12/31 Bal. 6448 Insurance Expense 12/31 Bal. 6488